KBS Sells Raleigh Apartments for $132.5M

KBS sold Park Central Apartments, a luxury high-rise apartment community with ground-floor retail in Raleigh, North Carolina, for $132.5 million. The buyer was Fairfield Residential.

KBS, in a joint venture with Kane Realty Corporation, began developing Park Central Apartments in 2015 and delivered one of the first high rise luxury residential buildings in North Hills in 2017. The property features 286 luxury apartments above 36,000 square feet of retail, including, casual a dining restaurant, fitness studios, an ice cream and coffee shop.

Amenities at Park Central include a sky deck with a saltwater pool, clubhouse, sauna, dog spa, fitness center, conference center and a dedicated parking garage.

KBS and Kane Realty have partnered on many projects in the North Hills area since 2013, including the development and strategic dispositions of Midtown Plaza and CAPTRUST Tower.

John Munroe of Newmark represented KBS in the disposition of Park Central Apartments.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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